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News: Government of India has discontinued the 7.75% savings (taxable) bonds,2018 for subscription.
Facts:
- The 7.75% Savings(Taxable) Bonds,2018 were issued with effect from January,2018.
- Eligibility: The bonds were available for subscription to resident citizens/Hindu Undivided Family (HUF) to invest in a taxable bond.
- Investment: The minimum investment in this bond starts at Rs 1,000 with no maximum limit.
- Duration: The bonds had a 7-year lock-in period from the date of issue but it permitted premature encashment to individuals who were 60 years and above.
- Interest on these bonds was taxable under the Income-tax Act,1961.
